Seoul shares again end at record high on Samsung's performance

South Korean stocks closed at a fresh record high of 8,801.49 points on Tuesday, surpassing the 8,800-point mark for the first time, as tech shares led gains fueled by optimism around artificial intelligence. The Korea Composite Stock Price Index rose by 13.11 points, or 0.15%, despite an earlier intraday drop of nearly 3% due to profit-taking. Samsung Electronics drove the rally, offsetting broader market caution over geopolitical risks in the Strait of Hormuz, which kept energy prices elevated. The index opened higher, reaching an intraday peak of 8,933.62 before correcting before closing slightly above its previous record. Investors remained wary of ongoing tensions between the United States and Iran, which had persisted for three months, contributing to market volatility. Meanwhile, the local currency weakened against the US dollar amid the stock market gains. Overseas, US stocks also finished higher, with major indexes hitting new record highs as technology shares surged. Nvidia, a key US chipmaker, saw its stock jump over 6% after CEO Jensen Huang introduced a new AI processor designed to run local agentic AI applications on personal computers. The development reinforced investor confidence in AI-driven growth, further boosting sentiment in Asian markets. Despite the record close, some profit-taking was observed throughout the session, reflecting cautious optimism. Analysts noted that while AI-driven tech stocks were leading the rally, broader economic and geopolitical factors continued to influence market movements. The gains in South Korea’s stock market underscored the growing influence of AI advancements on global financial trends.